The prime residential central London property market has navigated through 4 years of Brexit, 2 years of a global pandemic and now a significant war in Eastern Europe which still has to play out to its conclusion.
No one could have predicted at the beginning of the year the political and economic situation we find ourselves in.
There has been much speculation of a fire sale of ultra high end homes linked to Oligarch’s. This is not realistic. Their assets have been frozen not seized and any attempt to confiscate them would be difficult to implement as these properties would have been legally purchased under company vehicles, so there would be no registration at the Land Registry.
However, the world economic situation may be the strongest indication in which direction the Spring/Summer markets will perform.
Equity markets are performing poorly, inflation is rising at a pace not seen since the 1970’s, savings deposits show non-existent returns.
With central London constantly battling with the huge imbalance between limited supply and the high demand for property, value of property is set to stay strong.
In this perfect storm the British Government usually looks to attach mortgage base rates. However, with the standard of living rising at an alarming rate, this line of action is less available.
We have experienced British based buyers showing their trust in prime central London property with a strong level of transactions already taken place.
We also anticipate an influx of buyers from the 7 gulf counties over the coming year.
Finally I write with confidence, the resilience of the prime central London property market will continue to shine through any global adversity.
For all your property matters, do contact Plaza Estates.